Despite an adverse operating environment, Airbus’s FY figures beat the consensus on all metrics. However, the supply chain is still far from full recovery and hence the company has postponed its 75/month narrowbody delivery target from 2025 to 2026. The guidance for 2023 stands at 720 deliveries and an adjusted EBIT of €6bn, which is below our current estimate. Hence, we will revise our estimates downwards.
